Slide 1: Second Quarter 2023 Earnings Presentation
Second Quarter 2023 Earnings Presentation August 2023 1 2
Slide 2: Forward-Looking and Non-GAAP Statements
Forward-Looking and Non-GAAP Statements These slides and the accompanying presentation contain “forward-looking” statements, including statements about management’s expectations regarding trends in the food and air transportation markets, strategic initiatives, including Elevate 2.0, acquisition str
Slide 3: Second Quarter 2023 Results from Continuing Operations
Second Quarter 2023 Results from Continuing Operations Key Takeaways Q4 Q1 2022 YoY YoYYoY Q2 2023 2023 vs.vs. FY 2022 Q4Q1 2023 2022 YoY ($ Millions Except EPS) ▪ Executed on strategy to become a pure-play food and beverage solutions provider with the sale of AeroTech; Results from Continuing Opera
Slide 4: Executed on Pure-Play Strategy with Sale of AeroTech for $800M
Executed on Pure-Play Strategy with Sale of AeroTech for $800M Strategic Rationale Transaction Highlights ✓ $800M transaction value Aligns with JBT’s Elevate 2.0 Strategy to become a pure- 1 play food and beverage technology solutions provider ✓ 14.7x adj. EBITDA multiple (LTM as of March 31, 2023)
Slide 5: Pure-Play Strategy Benefits: Healthy Demand from Product / End Market Diversification and Resilient Recurring Business Model
Pure-Play Strategy Benefits: Healthy Demand from Product / End Market Diversification and Resilient Recurring Business Model Continuing Operations: Orders and Backlog Trend Continuing Operations: Q2 2023 Revenue Breakdown ($ Millions) Orders Backlog North America EMEA Recurring Non-Recurring $691 $6
Slide 6: Strong Balance Sheet to Support JBT Initiatives
Strong Balance Sheet to Support JBT Initiatives Net Debt and Leverage Ratio (1) Key Metrics as of June 30, 2023 Net Debt Leverage Ratio Total Net Debt / TTM Pro Forma Adj. EBITDA (3) 2.8x $1,000 5.0x 4.0x Financial Liquidity (4) ~$600M $ Millions $500 3.4x 3.0x 3.0x 3.0x 2.8x YTD Free Cash Flow from
Slide 7: 2023 Outlook
2023 Outlook Continuing Operations Updated Guidance Previous FY 2023 Guidance Bridge YTD Actuals Q3 2023 FY 2023 Previous Total Previous AeroTech Implied Previous $ millions except EPS $ millions except EPS June 30, 2023 Guidance Guidance JBT Guidance Guidance Continuing Ops. Revenue $816 $410 – $42
Slide 8: Appendix
Appendix Non-GAAP Reconciliations 8 2
Slide 9: Non-GAAP Financial Measures
Non-GAAP Financial Measures ▪ Free cash flow: We define free cash flow as cash provided by operating activities, less capital expenditures, plus proceeds from sale of fixed assets and pension contributions. For free cash flow purposes, we consider contributions to pension plans to be more comparable
Slide 10: Reconciliation of Income from Continuing Operations to Adjusted EBITDA
Reconciliation of Income from Continuing Operations to Adjusted EBITDA (In millions) Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Income from continuing operations $ 27.7 $ 16.4 $ 29.7 $ 25.7 $ 25.7 $ 19.9 Income tax provision 8.4 4.4 4.0 5.8 4.2 1.3 Interest expense, net 7.1 6.5 5.5 3.2 2.1 1.8
Slide 11: Reconciliation of Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share
Reconciliation of Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share Three Months Ended Six Months Ended June 30, June 30, (In millions, except per share data) 2023 2022 2023 2022 Income from continuing operations $ 27.7 $ 25.7 $ 44.1 $ 45.6 Non-GAAP adjustments Restructuring related
Slide 12: Reconciliation of Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow Q2 2023 (In millions) QTD YTD Cash provided by operating activities $ 51.2 $ 62.6 Less: Capital expenditures 19.0 35.3 Plus: Proceeds from disposal of assets 0.4 0.5 Plus: Pension contributions 1.2 1.5 Free cash flow $ 33.8 $
Slide 13: Leverage Ratio Calculations
Leverage Ratio Calculations (In millions) Q2 2023 Total debt $ 950.5 Cash and cash equivalents (1) (44.7) Net debt 905.8 Other items considered debt under the credit agreement 17.7 Consolidated total indebtedness (2) $ 923.5 Trailing twelve months Adjusted EBITDA from continuing operations $ 255.1 T
Slide 14: Recurring vs. Non-recurring Revenue
Recurring vs. Non-recurring Revenue As of June 30, 2023 QTD YTD Type of Good or Service Recurring(1) $ 217.1 $ 436.4 Non-recurring(1) 210.6 379.8 Total $ 427.7 $ 816.2 % of recurring 51% 53% (1) Aftermarket parts and services and revenue from lease and long-term service contracts are considered recu
Slide 15: Reconciliation of Diluted Earnings Per Share from Continuing Operations to Adjusted Diluted Earnings Per Share Guidance
Reconciliation of Diluted Earnings Per Share from Continuing Operations to Adjusted Diluted Earnings Per Share Guidance Guidance Guidance (In cents) Q3 2023 Full Year 2023 Diluted earnings per share from continuing operations $0.65 - $0.80 $3.25 - $3.50 Non-GAAP adjustments: Restructuring related co
Slide 16: Reconciliation of Income from Continuing Operations to Adjusted EBITDA Guidance
Reconciliation of Income from Continuing Operations to Adjusted EBITDA Guidance Guidance Guidance (In millions) Q3 2023 Full Year 2023 Income from continuing operations $21.0 - $26.0 $104.0 - $112.0 Income tax provision ~7.0 31.0 - 33.0 Interest expense, net ~2.0 ~14.0 Depreciation and amortization